Popularized in films like Limitless, legal smart drugs called Nootropics are becoming more and more prevalent in board rooms and on Wall Street.Keep reading »
Fight Breaks Out on Floor of New York Merc in Throwback to Bygone Era (The Street)
People who work on the floor of the Merc in lower Manhattan told TheStreet that two traders in the so-called ‘open outcry pits,’ where investors sell futures and options of precious metals, crude oil and natural gas, engaged in what might be euphemistically called a physical confrontation but which a half-dozen people interviewed described as including shoving or throwing punches. The altercation became quite heated, according to four traders, one of whom said someone’s shirt was ripped during the fracas. Two other traders called it a “fist fight.” The two men were subsequently escorted from the building by security, said two security guards. A source said that one trader walked-up to another trader to tell him to get out of “his spot” in the pits. When the “spot” was not vacated, the first trader shoved the other man, another trader said. “We’re not in the schoolyard and you can’t push anybody, and that’s it,” he said. “Once you put your hands on somebody then that’s like the real no-no, so that’s what happened.”
Potential BNP Penalty Worries European Banks (WSJ)
The prospect of a gigantic U.S. penalty against BNP Paribas is sowing fear in the executive suites of other top European banks that also are under investigation for allegedly doing business in countries subject to U.S. sanctions. Officials at Germany’s Deutsche Bank AG, Italy’s UniCredit SpA and France’s Crédit Agricole are all now bracing for bigger penalties than they had previously expected to resolve investigations into alleged violations of U.S. sanctions, industry officials say.
SEC Is Gearing Up to Focus on Ratings Firms (WSJ)
Thomas J. Butler, head of the Securities and Exchange Commission’s Office of Credit Ratings, said he has referred multiple cases to the agency’s enforcement division and is helping complete several industry regulations to address quality and transparency in how big debt deals are rated. Those moves signal a potential flurry of regulatory activity involving ratings firms, which have been largely untouched as government oversight has increased in most other financial sectors in recent years.
Ghana Sends Plane With $3 Million to Calm World Cup Team (Bloomberg)
Ghana has sent a plane carrying more than $3 million in cash to Brazil to pay the World Cup appearance fees owed to the national soccer team, known as the Black Stars. “The players insisted that they will want physical cash,” Deputy Sports Minister Joseph Yammin said in comments broadcast by Accra-based Citi FM. “Government had to mobilize the money and a chartered flight to Brazil. The money is in excess of $3 million.” Ghana’s President John Dramani Mahama contacted the team and the arrangements for payment were made after, the Ghana Football Association said in a statement on its website. The players will be paid today and government will be reimbursed by money awarded to Ghana by FIFA, soccer’s governing body, the association said.
GoPro Brings Rare Gadget Deal to Hot IPO Market (WSJ)
As the bull market in initial public offerings rolls on, video-camera maker GoPro Inc. is cuing up the largest stock debut by a consumer-electronics company in 23 years. San Mateo, Calif.-based GoPro, along with early investors, plans to sell as much as $427 million of stock in the IPO late Wednesday. That would mark the largest consumer-electronics IPO since battery company Duracell International Inc.’s 1991 debut raised $433 million, according to data provider Dealogic. Gillette Co., now a unit of Procter & Gamble Co., bought Duracell in 1997. GoPro is the latest consumer business to cash in on investor demand for U.S. stocks, which has given the likes of microblogging service Twitter Inc., perfume maker Coty Inc. and theme-park operator SeaWorld Entertainment Inc. a window to float shares in the past year and a half.
Drunk Driver Falls Out of Own Vehicle, Runs Over Self (KX News)
30-year-old Robert Alan Pullar is charged with DUI, driving with a suspended licence, and refusal to submit to a chemical test. The incident happened early Saturday morning. Police say Pullar was driving on Hiawatha Street near 15 1/2 Ave SE when he fell out onto the street. Police say his vehicle continued forward, striking him. He was able to get back in the vehicle and drive away, but officers tracked him down later and made the arrest.
Spain Wins Back Share of Europe’s IPO Market on Recovery (Bloomberg)
Initial public offerings by Spanish companies account for about 8 percent of the $42 billion in cash raised in European stock-market listings this year, rebounding from zero in 2012 and 2013 as a recovery in the country’s economy attracts investors.
Yellen may be poised to rewrite Fed’s rule book on wages, inflation (Reuters)
Research from the Fed’s staff and her own past academic work both suggest there may be more slack in the economy than inflation hawks believe, and that businesses in recent years have been slower to raise prices than they were previously. If that is the case, then interest rates could remain lower for longer and inflation allowed to push beyond the Fed’s 2 percent target without fear of it losing control. It’s a policy Yellen has indicated she is willing to pursue to encourage wage growth and bring as many workers as possible back into the full-time labor market.
Deutsche Bank completes $11.6 billion cap hike (Reuters)
Deutsche Bank successfully completed an 8.5 billion euro ($11.6 billion) capital increase aimed at fortifying its regulatory ratios and paying for restructuring at Germany’s biggest lender. “We have taken decisive steps to protect Deutsche Bank against known capital challenges, sharpen our competitive edge, and accelerate investments in growth in all our business divisions,” Deutsche Bank Co-Chief Executives Juergen Fitschen and Anshu Jain said in a statement on Wednesday.
Spanish princess charged in corruption case (CNBC)
A Spanish court said on Wednesday it had formalized charges against Cristina de Borbon, sister of newly-crowned King Felipe VI, and her husband in a corruption investigation, paving the way for a trial that could further damage the royal family. The Palma de Mallorca court upheld charges of tax fraud and money laundering against Princess Cristina, in one of the last steps before opening trial proceedings. Her husband Inaki Urdangarin is accused of embezzling several millions of euros in public funds and a trial would center on his business dealings.
Man Comes To Court Hiding 19 Bags Of Weed In Sock: Cops (AP)
Authorities say a Connecticut man who told his probation officer he wasn’t foolish enough to bring drugs into a courthouse had been hiding 19 bags of pot in his left sock. Darren Shelley had a hearing Monday in Stamford Superior Court on a charge of possession with intent to sell but the case was continued until Aug. 7. Authorities tell The Advocate the 22-year-old Stamford man reeked of marijuana when he met June 9 with his probation officer. When the officer asked about it, Shelley allegedly said he was “not a fool” and “did not bring drugs into the court.” But the officer says a pat down revealed the bags of pot.